One of the stressful elements of a divorce is determining how shared property will be distributed to both ex-spouses. Several U.S. states are community property states, meaning that all shared property is split evenly. However, asset and property division in Florida follows the more popular equitable distribution approach for everything from pensions to real estate.
How does equitable distribution work in Florida?
In general, unless there’s a mutual agreement on property division in a divorce, a judge will determine how to most fairly divide it. Factors such as the income of each spouse, what each spouse contributed materially to shared property and other issues will be considered. It’s the responsibility of each spouse’s lawyer to make the case for that spouse to receive the most property possible.
How would a house be divided in a divorce?
Unlike most types of marital property, a house is typical of great fiscal as well as sentimental value. Some couples may opt to co-own the house or reach another mutual agreement. Unfortunately, in many cases, both spouses are unable to reach a compromise without legal help.
Though it’s ultimately up to the discretion of the judge, a common outcome when no mutual agreement can be reached is that the house is sold to a third party. This money is then often divided up according to a formula that the presiding judge has determined fairly doles out money to each spouse.
For those facing a divorce involving real estate or other high-value marital property, retaining an experienced attorney may help increase the chances of receiving a fair payout. A legal professional in Florida may offer guidance throughout the divorce proceedings.